In Bankruptcy

Feilding Star, Volume XIV, Issue 132, 27 April 1893, Page 3

In Bankruptcy

A meeting of creditors in the estate of H. J. Galwaj, wa'chmoker, of Feilding, was held at Palmerston last Tuesday. The D.O.A. (Mr G. J. Scott,) occupied the chair. Mr L. E. Beade appeared for the debtor. . The following creditors were present or represented by proxy :— Messrs Kirton and Curtis, H. H. Worsfold and Mrs Maeartbur (represented by Mr lieade), H. L. Bilderbeck, and L. E. ltende. The D.O.A. said stock had been taken and the total amounted to £13/ 15s 7d, and the finings to £9 17s 6d. Debtor in his sworn statement said he bad been in Feilding since the hitter end of April, 1891. He commenced business with £60 worth of stock, and his debts ia rarious firms amounted to about £100. He had since paid off the whole of the debts above mentioned. He bought a 6 acre section in Pembcrton for £29, for the purpose of erecting a hotel. He paid the amount and got an estimate from Mr Biidcrbeck- The estimate was £35' > to enable the hotel to be taken possession of, and £400 to complete. He had partiallj negotiated a- mortgage to Messrs Heffer and Gibbs of Wanuanui for £400, but it fell through. The work of errc- | tion was commenced, bnfc owing lo the scarcity of timber the builder had to dis continue working. He then sold the hotel as it stood to Mrs Stevens. He sold one acre and the unfinished buildings thereon for £150, and retained th«? balance of the ori«<na< fire acres. Mrs Stevens did not complete her contract, and she did not make a deposit. He then sold to Dwan Bros, for £2O<\ receiving £50 deposit in November 3rd, 1892, and the balance in December 1893. The amount of money erpeuded on the building was about. £80, but he bad not paid the builder for ni» labor. He made a handsome profit by the transaction. He took the money out of hi* business to pay for the hoM, and the profits from the hotel he pat into his business. The bargain with Dwan Bros was, thnt if the/ chose they couli purchase thr whole of thes acres for an additional I*s i. There was a balance of £44 to come, which was in the hinds of Mr Prior, and the Bank of Australasia. In answer to questions, debtor said he was unable to make any offer to his creditors. Mr TJeade moved tint the stock be advertised for sale by tender, and the book debts be collected by the D.O.A. Sec oaded bj Mr ßildwrbeek and carried. Proposed bj Mr Kcade, That m the opinion of this meeting a public examination of the debtor is nnnecesairj. — Secooded by Sir Reade (as proxy for Messrs Kirton and Curtis) and carried. — .Manawatu Times ,